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<h1>Accounting MCQ Questions and Solutions with Explanations | Commerce</h1>
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<h2><div class="question-number">1. </div><div class="question-main">Accounting provides information on
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<p class="hidden">
<input type="hidden" id="answer_28544" value="4" />
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<h2 class="t_left">Answer & Solution</h2>
</div>
<div><span class="color">Answer:</span><strong> Option D</strong> </div>
<div>
<div><span class="color">Solution: </span></div>
Accounting provides information on Cost and income for managers, Company's tax liability for a particular year and Financial conditions of an institutions.
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</div>
</div>
</div>
</article>
<article class="question single-question question-type-normal">
<div class="row">
<div class="col-xs-12" id="save_alert_28545" style="display:none;">
</div>
</div>
<h2><div class="question-number">2. </div><div class="question-main">The long term assets that have no physical existence but are rights that have value is known as
</div>
</h2>
<div class="question-inner">
<div class="form-style form-style-3">
<div class="form-inputs clearfix question-options">
<p>
<label class="color" for="poll-28545-1">A. </label>
<input type="radio" name="poll-radio-28545" id="poll-28545-1">
<label for="poll-28545-1">Current assets</label>
</p>
<p>
<label for="poll-28545-2">B. </label>
<input type="radio" name="poll-radio-28545" id="poll-28545-2">
<label for="poll-28545-2">Fixed assets</label>
</p>
<p>
<label for="poll-28545-3">C. </label>
<input type="radio" name="poll-radio-28545" id="poll-28545-3">
<label for="poll-28545-3">Intangible assets</label>
</p>
<p>
<label for="poll-28545-4">D. </label>
<input type="radio" name="poll-radio-28545" id="poll-28545-4">
<label for="poll-28545-4">Investments</label>
</p>
<p class="hidden">
<input type="hidden" id="answer_28545" value="3" />
</p>
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</div>
</div>
<div class="question-bottom">
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<h2 class="t_left">Answer & Solution</h2>
</div>
<div><span class="color">Answer:</span><strong> Option C</strong> </div>
<div>
<div><span class="color">Solution: </span></div>
The long term assets that have no physical existence but are rights that have value is known as Intangible assets. An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets.
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</div>
</div>
</div>
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<article class="question single-question question-type-normal">
<div class="row">
<div class="col-xs-12" id="save_alert_28546" style="display:none;">
</div>
</div>
<h2><div class="question-number">3. </div><div class="question-main">The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
</div>
</h2>
<div class="question-inner">
<div class="form-style form-style-3">
<div class="form-inputs clearfix question-options">
<p>
<label class="color" for="poll-28546-1">A. </label>
<input type="radio" name="poll-radio-28546" id="poll-28546-1">
<label for="poll-28546-1">Current assets</label>
</p>
<p>
<label for="poll-28546-2">B. </label>
<input type="radio" name="poll-radio-28546" id="poll-28546-2">
<label for="poll-28546-2">Fixed assets</label>
</p>
<p>
<label for="poll-28546-3">C. </label>
<input type="radio" name="poll-radio-28546" id="poll-28546-3">
<label for="poll-28546-3">Intangible assets</label>
</p>
<p>
<label for="poll-28546-4">D. </label>
<input type="radio" name="poll-radio-28546" id="poll-28546-4">
<label for="poll-28546-4">Investments</label>
</p>
<p class="hidden">
<input type="hidden" id="answer_28546" value="1" />
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<h2 class="t_left">Answer & Solution</h2>
</div>
<div><span class="color">Answer:</span><strong> Option A</strong> </div>
<div>
<div><span class="color">Solution: </span></div>
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as Current assets. Current assets include cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets.
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</div>
</div>
<h2><div class="question-number">4. </div>
<div class="question-main">Patents, Copyrights and Trademarks are</div>
</h2>
<div class="question-inner">
<div class="form-style form-style-3">
<div class="form-inputs clearfix question-options">
<p>
<label class="color" for="poll-28547-1">A. </label>
<input type="radio" name="poll-radio-28547" id="poll-28547-1">
<label for="poll-28547-1">Current assets</label>
</p>
<p>
<label for="poll-28547-2">B. </label>
<input type="radio" name="poll-radio-28547" id="poll-28547-2">
<label for="poll-28547-2">Fixed assets</label>
</p>
<p>
<label for="poll-28547-3">C. </label>
<input type="radio" name="poll-radio-28547" id="poll-28547-3">
<label for="poll-28547-3">Intangible assets</label>
</p>
<p>
<label for="poll-28547-4">D. </label>
<input type="radio" name="poll-radio-28547" id="poll-28547-4">
<label for="poll-28547-4">Investments</label>
</p>
<p class="hidden">
<input type="hidden" id="answer_28547" value="3" />
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<h2 class="t_left">Answer & Solution</h2>
</div>
<div><span class="color">Answer:</span><strong> Option C</strong> </div>
<div>
<div><span class="color">Solution: </span></div>
Patents, Copyrights and Trademarks are Intangible assets. An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets.
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<div class="row">
<div class="col-xs-12" id="save_alert_28548" style="display:none;">
</div>
</div>
<h2><div class="question-number">5. </div><div class="question-main">The debts which are to be repaid within a short period (year or less) are known as
</div>
</h2>
<div class="question-inner">
<div class="form-style form-style-3">
<div class="form-inputs clearfix question-options">
<p>
<label class="color" for="poll-28548-1">A. </label>
<input type="radio" name="poll-radio-28548" id="poll-28548-1">
<label for="poll-28548-1">Current liabilities</label>
</p>
<p>
<label for="poll-28548-2">B. </label>
<input type="radio" name="poll-radio-28548" id="poll-28548-2">
<label for="poll-28548-2">Fixed liabilities</label>
</p>
<p>
<label for="poll-28548-3">C. </label>
<input type="radio" name="poll-radio-28548" id="poll-28548-3">
<label for="poll-28548-3">Contingent liabilities</label>
</p>
<p>
<label for="poll-28548-4">D. </label>
<input type="radio" name="poll-radio-28548" id="poll-28548-4">
<label for="poll-28548-4">All of the above</label>
</p>
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<input type="hidden" id="answer_28548" value="1" />
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<h2 class="t_left">Answer & Solution</h2>
</div>
<div><span class="color">Answer:</span><strong> Option A</strong> </div>
<div>
<div><span class="color">Solution: </span></div>
The debts which are to be repaid within a short period (year or less) are known as Current liabilities. Current liabilities are a company's debts or obligations that are due within one year or within a normal operating cycle.
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